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Yahoo
18 hours ago
- Yahoo
What's the best age to buy a house?
Buying a home is one of the biggest financial decisions you'll ever make. So, you may be wondering: What is the best age to buy a house? Are you too young to think about homeownership? Or do you feel like you've waited too long to buy? Here's a look at the average age of first-time home buyers and how to decide the right age to make a move. Learn more: A step-by-step guide to buying a house This embedded content is not available in your region. In this article: Average age to buy a house Pros and cons of buying when younger Pros and cons of buying when older Is there a 'right time' (or age) to buy? FAQs Young adults are now waiting longer to buy their first homes. In 2024, the average age for Americans to buy their first house reached a record high of 38, according to a report from the National Association of REALTORS®. The shift is largely due to soaring home prices and student loan debt levels. Many young adults are also delaying marriage and prioritizing personal growth and career development over homeownership. That said, the right age to buy a home may vary depending on your financial situation, desired location, lifestyle, and long-term goals. Building equity. Buying early and owning your own home for an extended period gives you time to build up equity. Your home equity is the difference between what your home is worth and the amount you still owe on your mortgage. You can leverage home equity to invest or meet other financial goals in the future, and even use it to afford a down payment on your next house if you move. However, you don't accumulate equity when you rent. Predictable housing costs. Annual rent increases are relatively common. But when you purchase a home with a fixed-rate mortgage, you get set monthly mortgage payments. (Note: Property taxes, homeowners insurance, and homeowners' association fees, if applicable, may fluctuate over time.) Tax perks. You can save at tax time by deducting mortgage interest, property taxes, and other home costs on your return. Homeowners who itemize deductions can take advantage of this perk. Reach out to a tax professional to learn more. Freedom of expression. Most landlords impose restrictions on the customizations you can make to rental properties. Owning a home, though, means you can renovate or upgrade your space to make it more functional. Lower price point. Home prices generally rise over time. So, buying young means you can take advantage of the lower price point. Plus, if you stay in the house for a long time, you could pay off your home loan before you retire. Limited mobility. Leasing means you only have to stay put for a year (or less in some cases) before you can relocate. But buying a home is more of a long-term investment, and selling too prematurely could be costly. Lending terms. There are loan programs for people with low or no credit scores or those with limited income, minimal cash reserves, or high debt levels. The problem is, you may not qualify for the best lending terms offered to prospective buyers. Specifically, you could get stuck paying a higher mortgage stability. Buying in your middle or older years gives you more time to build a solid financial foundation. Remember, good credit, ample reserves, and a low debt-to-income ratio make you more attractive to lenders. More clarity. It's also highly likely that you'll have more clarity on where you want to live long term when you're older. Whether you're retiring in your dream area or relocating to be closer to adult children, buying a home later in life can bring peace of mind. You'll have confidence knowing you're living exactly where you want to be. Forfeited equity growth. Again, buying young can work in your favor as home values climb. But buying older gives you less time to build up equity that you can convert to cash to use however you see fit. Mortgage payments during retirement. Some homeowners experience a significant dip in income during their golden years. Unfortunately, costly mortgage payments could stretch your budget thin. Uncertainty. There's no way to know what the future holds. You could face medical challenges or other unexpected obstacles as you age that make it difficult for you to afford or maintain your dream home. The right time to buy a home isn't always about age. It's more about your financial situation, future plans, and ability to manage homeownership costs. Here are some questions to ponder: Do you meet the lending criteria for a mortgage? Do you have a minimal debt load? Can you afford to make a down payment on a new home? Do you have at least three to six months of expenses saved for emergencies? Can you comfortably afford the monthly mortgage payments? Do you plan to live in the home for an extended period of time? Do you have the means to cover maintenance and repairs? Do you have a designated point of contact to assist with questions or address your needs? Answering yes to most of these questions is a sign that you're ready to buy a home, regardless of your age. Before moving forward, analyze your situation, needs, and goals to make an informed decision. Dig deeper: Should you buy a house? How to know if you're ready. A 2024 National Association of REALTORS® report revealed that the average age of first-time home buyers is 38. However, depending on your financial situation and goals, the right age for you could be much younger or older. Again, there's no right or wrong age to purchase a home, as it depends on your unique situation. However, most states require you to be at least 18 unless an adult signs real estate contracts on your behalf. If you're financially stable with a solid credit profile, adequate savings, and a clear vision for your future, homeownership in your 20s could be a smart financial move. You'll have several years to build equity, benefit from predictable housing costs, and even enjoy a paid-off home before retirement should you purchase your 'forever home.' Laura Grace Tarpley edited this article.
Yahoo
2 days ago
- Yahoo
Female founders are optimistic that AI could solve challenges they face funding and scaling startups
– Founding story. Forty percent of female founders say that macroeconomic conditions have hurt their businesses—and 46% say that political uncertainty in the U.S. is a direct threat, too. But amid the challenges of tariffs, weakened consumer confidence, and political attacks on diversity and inclusion, female founders see opportunity in other areas—namely, AI. The early-stage VC firm Graham & Walker gathered these results from a survey of 180 female founders of 'VC scalable' startups in North America. Fifty-six percent of all-female founding teams see 'more opportunities' because of AI, compared to only 46% of mixed-gender founding teams who say the same. This report speculates that female founders—who also cite fundraising as, still, a major challenge—could be looking at AI as a way to scale with less capital and avoid some of those fundraising challenges. Seventy-one percent of founders surveyed said raising their last round was harder than they thought it would be. Forty percent of founders still say their gender was a top factor in that difficulty. In 2024, according to Pitchbook, teams including female founders raised 27% more capital than the year prior, with $38 billion closed—but across 13.1% fewer deals than 2023. Other fundraising challenges include 'shifting goalposts'—with norms changing for early-stage funding and early-stage investors expecting founders to meet benchmarks that might have previously been reserved for Series A. Fourteen founders in the survey specifically called out their experiences with female investors. Many of the concerns they raised are likely related to the pressure those female investors are under. One founder surveyed said female investors are 'harder to win over' and 'require every box to be checked,' while another said that they've pitched women who have 'no real ability to do deals.' Emma The Most Powerful Women Daily newsletter is Fortune's daily briefing for and about the women leading the business world. Today's edition was curated by Nina Ajemian. Subscribe here. This story was originally featured on Sign in to access your portfolio
Yahoo
2 days ago
- Yahoo
Equity Markets Mixed Intraday Amid Middle East Developments, Fed Governor Remarks
US benchmark equity indexes were mixed intraday as traders monitored the latest developments in the Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
